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Revolut reports record €503m profit Business customers grow by almost 70% in one year in Portugal – Executive Summary

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Revolut has announced its financial results for the year ending December 31, 2023, after reporting a 95% increase in revenue to €2.1 billion, driven by a diversified business model and strong customer growth.

Furthermore, the company achieved record profits (before taxes of €503 million), while net profit reached €395 million, marking the third consecutive year of profitability for the company.

Revolut's customer base grew by 12 million to 38 million, with 70% of new customers acquired organically or through referrals.

They also reveal that transaction volumes increased by 58% to nearly €804 billion, with monthly transactions reaching 590 million. Furthermore, total headcount increased by 38% year-on-year to 8,152 employees.

“Our customer base is expanding at an incredible pace, and our diversified business model continues to drive exceptional financial performance, generating revenues of over €2.1 billion in 2023 and a record gross profit/total of €503 million. With a net profit of €395 million, 2023 was our third consecutive profitable year,” says Nick Storonsky, CEO of Revolut.

In Portugal, the retail customer base grew by 40%, the business customer base by 67%, the number of monthly active users increased by 51%, domestic transactions increased by 80%, and deposit balances grew by 51%.

For 2024, the customer base is on track to reach 50 million by the end of the financial year, the eSIM and RevPoints loyalty programme will be launched in selected markets, and the Revolut Robo-Advisor will be launched in the US and EEA and the new global headquarters will be announced in Canary Wharf, London.

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“We remain committed to our ongoing UK banking licence application, as well as bringing the Revolut app to new markets and customers around the world. Having reached 45 million customers globally in the first half of 2024, Revolut remains poised for massive growth this year and beyond, continuing to redefine financial services as we know them,” concluded the Revolut CEO.

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